This doesn't have anything to do with TeXworks, MikTeX, or Ams-TeX; the LaTeX compiler itself is throwing this error at you.
The issue is that LaTeX restricts the usage of some symbols that have a special meaning to the interpreter. For example, because % signals the beginning of a comment, if you want a percent sign in your document, you have to write it as \%. Similarly, you will also need to escape \, #, $, ^, &, ~, _, {, and } in text mode, because these all have special meanings.
Specifically, ^ means a superscript in math mode, so $a^2 + b^2 = c^2$ is OK, but the 5^{th} symphony will generate the same error you have, since ^ isn't allowed in textmode without being escaped.
To solve this problem, you have a couple options, depending on context and what you want it to look like.
- You can write
sin\^{-1}(x) and keep everything in text mode.
- You can use
\textsuperscript to get a superscript in text mode: sin\textsuperscript{-1}(x).
- You can put everything in math mode, where it works without issue:
$\sin^{-1}(x)$. (Writing \sin instead of sin typesets it upright, which looks better.)
- If you want it written in monospace, use
\verb+sin^-1(x)+.
Here's how each of these options looks in the final document. I personally prefer option 3.

\^{}, also see http://tex.stackexchange.com/questions/77646/how-to-typset-the-symbol-caret-circumflex-hat โ Francis Dec 25 '15 at 19:42